- Commercial Property Executive
Four Multi-Tenant Industrial Acquisitions Notched by BKM in Metro Phoenix
The assets greatly expand the company’s Phoenix-area portfolio, with improvements set for all of the new properties.
Phoenix–A growing industrial real estate fund has expanded its holdings in the Valley of the Sun. The recent purchase of four industrial business parks for $34.45 million has brought BKM Capital Partners’ BKM Industrial Value Fund I to more than $150 million in holdings. This also means that the company has already invested roughly half of what it had committed to the fund, just six weeks after its closing, BKM CEO and Co-Founder Bryan Malliet pointed out in an official statement.
Arizona Corporate Center
The four properties are Rose Garden Business Park, Metro Industrial Center, 4100 Broadway, and Arizona Corporate Center, all of which are located in the Phoenix MSA. The assets offer a total of 442,173 square feet of space, bringing the fund’s portfolio to over one million square feet of industrial space in the metro.
The assets currently operate at around 69 percent occupancy, which has already led BKM to announce extensive upgrades to the properties, including paint, signage, roof, HVAC, and landscaping. According to Brett Turner, Director of Acquisitions for BKM Capital Partners, the company will build out spec tenant improvements in vacant suites to demonstrate the potential of the space in each asset.